Since this 1099-S has your name on it, you should report the sale with a basis of the same amount, to avoid an IRS letter.
This is how you would do that in TurboTax:
- Select Federal from the left side menu.
- Select Wages & Income.
- Scroll down and look for Investments and Savings.
- Expand the section and find Stocks, Mutual Funds, Bonds, Other and click on Start or Update to the right.
- Click + Add investments at the bottom.
- Click Continue.
- Scroll to the bottom and click Enter a different way.
- Select Other (1099-S), and click Continue.
- Enter a description and click Continue.
- Fill in your information about the sale.
- Use the amount from box 2 as your proceeds and enter the same amount as your basis. Do not enter any sales expenses.
This will show the sale on Schedule D with no gain or loss.
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